Extending time: Every valid bid placed during the last 10 minutes extends the auction for another 10 minutes.
Can you clarify this for me:
example A - 6 bids come in in the last 10 minutes, auction extends for 1 hour,
or
example B - 1 or more bids in last 10 minutes extends 10 minutes, during which 1 or more further bids extends a further 10 minutes, etc.
Which is it? or both? the way it is worded, it is potentially open ended...? Is there a maximum extension?
Sorry I am not familiar with this system, better to know before bidding!
Thanks
Hi gentlemen, sorry for my absence. I was at work.
Explorer: it means the last bid (not all the bids) extends the time 10 minutes, during which if there is another bid, it extends another time, etc. There is no maximum extension, but i dont think it could occur, since the market is not very liquid by now.
example: auction time ends 15:00. A guy places a bid at 14:54, it extends time to 15:04. A million bids more, the last at 15:03, it extends time to 15:13 etc.
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